HCW Biologics Enters into $10.2 Million Secured Promissory Notes Purchase Agreement

HCW Biologics Inc. has entered into a Notes Purchase Agreement with Streeterville Capital, LLC for the issuance of two secured promissory notes totaling $10.2 million in principal amount. The financing provides initial net proceeds of approximately $2.97 million, with an additional $7.0 million placed in a controlled account that can be accessed as certain conditions are met.

Key Details

• Agreement Terms: The agreement, dated November 3, 2026, includes a $3.2 million Promissory Note A-1 (8% interest) and a $7.0 million Promissory Note B (5% interest), both with a 24-month maturity.
• Funding Structure: HCWB received ~$2.97 million in net proceeds from Note A-1 at closing. The $7.0 million from Note B is held in a restricted deposit account and can be accessed by exchanging portions of the B Note for new A Notes as the initial notes are paid down.
• Use of Proceeds & Fees: Net proceeds are intended for clinical development programs, strategic initiatives, and general corporate purposes. Maxim Group LLC acted as the placement agent, receiving a cash fee of 7.0% of the gross proceeds.